simon.oldJun 24, 2024
Today on Reddit:
1. Someone overdrew their bank account by $3000 to pay off their credit cards and doesn't seem to understand why it was a terrible idea.
2. 22m comes home to find his girlfriend (22) lying on her bed with a male friend, far apart, fully clothed, watching TV. He gets angry, she "begs him not to leave", (That's in quotes, by the way), and commenters say that since she begged him not to leave, she must be guilty. There can't possibly be any other reason.
I do so love the internet.
Show threadBrian Moore
@simon well, their over draft rate is likely cheaper than credit card interest. still a horrible idea but maybe if you are going to give the bank lots of money anyway, might as well be a little less.
Jun 25, 2024 at 12:05amWeb
Show threadsimon.oldJun 25, 2024
@bmoore123 I don't think this person had $3000 of overdraft protection. A lot of people were saying the bank might reverse the payment and then OP would be on the hook for late card payments and NSF fees. If the overdraft protection was particularly good and the credit card interest rate was particularly bad, maybe I would support this, but it sounds like OP just paid money they didn't have without even understanding the consequences of doing so.
Show threadJames ScholesJun 25, 2024
@simon Maybe I'm misunderstanding, but I fundamentally have a problem with a bank that lets me spend three thousand dollars that I don't have (even when my overdraft is taken into account), and then reverses the charge later. If I can't spend three thousand dollars, don't let me spend three thousand dollars. @bmoore123
Show threadBrian MooreJun 25, 2024
@jscholes @simon they won't if you don't have over draft protection for that amount. they will just decline to pay whatever bill you paid and charge you a fee for going over. if the credit card was issued by the same bank, it will start a cycle of declined payment charges.
Show threadJames ScholesJun 25, 2024
@bmoore123 Then I guess I'm confused. If the person didn't have three thousand dollars worth of overdraft protection, it sounds like the transaction would've been declined upfront, and hence there would be nothing to reverse. @simon
Show threadBrian MooreJun 25, 2024
@jscholes @simon that's a good point actually. Maybe they let you go over if you don't have over draft. I have never tried or certainly not intentionally. I have had a couple of bad cheque fees in my life but they were a long time ago. I don't know what happens if you simply don't have enough money and you try and pay a bill electronically. I am guessing it would fail but guess that depeneds on the bank.
Show threadBrian MooreJun 25, 2024
@jscholes @simon as someone who totally wrecked my credit rating in my 20s for almost no money that I couldn't afford to pay back, I have been super careful to keep on top of it since it took many years to fix. Basically destroyed it for less than a grand of credit card debt but back then I couldn't even get disability because according to Alberta where I lived at the time, being totally blind wasn't disabled enough to get disability, I had enough for rent
Show threadMartin from TorontoJun 25, 2024
@bmoore123 @jscholes @simon Shit, you've gone through some stuff. Glad you came out of it and became successful.
Show threadBrian MooreJun 25, 2024
@mcourcel @jscholes @simon and after that mess, lived at a homeless shelter. that was not a fun experience.That could be a really long thread about how often it was better to stay outside than go to the shelter.
Show threadMartin from TorontoJun 25, 2024
@bmoore123 @jscholes @simon Okay, now we need to have a beer over that. had no idea. Jeez!
Show threadKeri SvendsenJun 25, 2024
@bmoore123 @mcourcel @jscholes @simon I have heard that about shelters.
Show threadsimon.oldJun 26, 2024
@bmoore123 Wow ... we've sure come a long way based on some of the reasons people qualify for disability these days. That sounds awful. Glad you got out of it in one piece. @jscholes
Show threadBrian MooreJun 25, 2024
@jscholes @simon and basically nothing else. hardly ate and paying back like $800 to some credit card company when I couldn't afford to eat wasn't a priority
Show threadBrian MooreJun 25, 2024
@simon oh wow, that is very bad. yeah, it will be a mess!